Company Reports Second Quarter Record Sales and Net Income SAN
FRANCISCO, July 25 /PRNewswire-FirstCall/ -- Building Materials
Holding Corporation (NASDAQ:BMHC), a leading provider of
construction services and building materials to professional
residential builders and contractors, today reported sales for the
second quarter of 2006 increased 31% to $922 million from $702
million in the same quarter a year ago. For the six months ended
June 30, 2006, sales increased 42% to $1.8 billion from $1.3
billion in the same period of 2005. Net income for the second
quarter of 2006 was $34.2 million or $1.16 per share compared to
$33.3 million or $1.14 per share in the same quarter a year ago.
The second quarter included a $2.2 million, or $0.05 per share,
impairment charge for goodwill and certain intangibles at our
SelectBuild operations. For the six months ended June 30, 2006, net
income was $62.2 million or $2.10 per share compared to $54.5
million or $1.87 per share in the same period of 2005. Robert E.
Mellor, Chairman, President and Chief Executive Officer, stated,
"Sales and net income for the quarter topped our record results for
the same period last year. We were pleased to have achieved an
increase in net income despite a slowdown in the overall housing
industry. Our growth in the second quarter reflects market share
gains from recent acquisitions, as mixed regional results from
continuing operations largely offset one another. During the
quarter, we focused on the integration of our recent acquisitions,
which have served to further extend our operations. We are pleased
that our growing range of construction services and our geographic
diversity are helping to insulate BMHC from some of the impact of
regional market variations in homebuilding activity." Segment
Financial Performance (thousands) SelectBuild Three Months Ended
Six Months Ended June 30 $ % June 30 $ % 2006 2005 Change Change
2006 2005 Change Change Sales $501,931 $303,635 $198,296 65%
$1,000,229 $545,877 $454,352 83% Income from operations $47,098
$36,756 $10,342 28% $93,173 $65,288 $27,885 43% For the second
quarter, SelectBuild sales increased 65% to $502 million from $304
million in the same period of 2005. Acquisitions not present in the
same period of 2005 represented sales of $215 million for the
quarter. Sales from comparable operations were down 6%, with
particular weakness in our Southeast region. For the six months
ended June 30, sales increased 83% to $1.0 billion from $546
million in the same period of 2005. Acquisitions not present in the
same period of 2005 represented sales of $439 million for the six
month period. Sales from comparable operations were up 3%. For the
second quarter, SelectBuild income from operations increased 28% to
$47.1 million from $36.8 million in the same period of 2005. This
increase was due to acquisitions not present in the same period.
For the six months ended June 30, income from operations increased
43% to $93.2 million from $65.3 million in the same period of 2005.
Income from comparable operations was down for both the quarter and
the six month period as selling, general and administrative
expenses were higher due to compensation expenses for additional
personnel to support the segment's expanding operations. BMC West
Three Months Ended Six Months Ended June 30 $ % June 30 $ % 2006
2005 Change Change 2006 2005 Change Change Sales $420,061 $397,886
$22,175 6% $806,320 $728,572 $77,748 11% Income from operations
$39,178 $41,030 $(1,852) (5)% $69,724 $69,905 $(181) -- For the
second quarter, BMC West sales increased 6% to $421 million from
$398 million in the same period of 2005. The increase was due to
acquisitions not present in the same period. For the six months
ended June 30, sales increased 11% to $806 million from $729
million in the same period of 2005. Sales from comparable
operations increased 7% or $53 million. Sales were higher in our
Texas, Intermountain and Northwest regions, while the California
and Colorado regions were lower compared to the same period a year
ago. For the second quarter, BMC West income from operations
decreased 5% to $39.2 million from $41.0 million in the same period
of 2005. For the six months ended June 30, income from operations
was down slightly to $69.7 million from $69.9 million in the same
period of 2005. Selling, general and administrative expenses were
higher for both the quarter and the six month period due to
compensation expenses for additional personnel to support higher
volume. Corporate Three Months Ended Six Months Ended June 30 $ %
June 30 $ % 2006 2005 Change Change 2006 2005 Change Change
Corporate general and administrative $21,959 $16,894 $5,065 30%
$44,194 $33,993 $10,201 30% Corporate general and administrative
expenses support the operations of our business segments,
SelectBuild and BMC West. These expenses as a percent of sales held
steady at 2.4% in the second quarter. For the six months ended June
30, these expenses as a percent of sales improved to 2.4% from 2.7%
for the same period of 2005. Conference Call and Webcast BMHC will
host a conference call and audio webcast today at 9 a.m. Pacific
Time (12:00 noon Eastern Time) to discuss financial results for the
second quarter ended June 30, 2006. The conference call may be
accessed by dialing 800-329-9097 (Domestic), or 617-614-4929
(International). The required pass code for the live conference
call is "31785112." A replay will be available through Tuesday,
August 1, 2006 by dialing 888-286-8010 (Domestic), or 617-801-6888
(International). The required pass code for the replay is 53971377.
The live conference call and replay can also be accessed via audio
webcast at BMHC's website at http://www.bmhc.com/. The archive of
the webcast will be available for 90 days following the conclusion
of the teleconference. About BMHC BMHC, a Fortune 1000 company, is
one of the largest providers of residential construction services
and building materials in the United States. We serve the
homebuilding industry through two subsidiaries: SelectBuild
provides construction services to high-volume production
homebuilders in key growth markets across the country; BMC West
distributes building materials and manufactures building components
for professional builders and contractors in the western and
southern states. BMHC was recently named to the Forbes Platinum
400, also known as America's Best Big Companies, and was selected
Pro Dealer of the Year by Home Channel News. To learn more about
BMHC, visit our website at http://www.bmhc.com/. BUSINESS RISKS AND
FORWARD-LOOKING STATEMENTS There are a number of business risks and
uncertainties that affect our operations and therefore could cause
future results to differ from past performance or expected results.
Additional information regarding business risks and uncertainties
is contained in Item 1A of our most recent Form 10-K. These risks
and uncertainties may include, but are not limited to: * demand for
single-family homes which is influenced by changes in the overall
condition of the U.S. economy, including interest rates, job
formation, consumer confidence and other important factors; * our
business model; * integration of acquired businesses may not result
in anticipated cost savings and revenue synergies being fully
realized or may take longer to realize than expected; * our ability
to identify and acquire suitable acquisition candidates; *
availability of and our ability to attract, train and retain
qualified individuals; * implementation of cost structures that
align with revenue growth; * changes in the business models of our
customers; * fluctuations in our costs and availability of sourcing
channels for commodity wood products, concrete, steel and other
building materials; * intense competition; * weather conditions,
including natural catastrophic events; * construction defect and
product liability claims as well as other legal proceedings; *
disruptions in our information systems; * actual and perceived
vulnerabilities as a result of terrorist activities and armed
conflict; * changes to various federal, state and other
regulations; and * numerous other matters of a local and regional
scale, including those of a political, economic, business,
competitive or regulatory nature. Risks related to our shares
include, but are not limited to: * share price fluctuations and *
potential share price limitations due to anti-takeover defenses in
our governing documents and certain provisions under Delaware law.
Certain statements made in this news release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical or current facts, including statements about our
expectations, anticipated financial results and future business
prospects are forward-looking statements. While these statements
represent our current judgment on what the future may hold and we
believe these judgments are reasonable, these statements involve
risks and uncertainties that could cause our actual results to
differ materially from those in forward-looking statements. These
factors include, but are not limited to the risks and uncertainties
cited in the above paragraph. Undue reliance should not be placed
on such forward-looking statements, as such statements speak only
as of the date of this news release. We undertake no obligation to
update forward-looking statements. Building Materials Holding
Corporation Consolidated Statements of Income (thousands, except
per share data) (unaudited) Three Months Ended Six Months Ended
June 30 June 30 2006 2005 2006 2005 Sales Construction services
$560,323 $356,889 $1,109,078 $636,934 Building products 361,669
344,632 697,471 637,515 Total sales 921,992 701,521 1,806,549
1,274,449 Costs and operating expenses Cost of goods sold
Construction services 452,467 289,889 900,681 517,373 Building
products 264,365 253,779 511,243 469,427 Impairment of assets 2,237
463 2,237 463 Selling, general and administrative expenses 139,105
97,349 275,971 187,342 Other income, net (499) (851) (2,286)
(1,356) Total costs and operating expenses 857,675 640,629
1,687,846 1,173,249 Income from operations 64,317 60,892 118,703
101,200 Interest expense 6,465 3,350 12,055 6,548 Income before
income taxes and minority interests 57,852 57,542 106,648 94,652
Income taxes 20,520 20,420 38,330 33,381 Minority interests income,
net of income taxes (3,157) (3,808) (6,074) (6,809) Net income
$34,175 $33,314 $62,244 $54,462 Net income per share: Basic $1.20
$1.19 $2.18 $1.96 Diluted $1.16 $1.14 $2.10 $1.87 Building
Materials Holding Corporation Consolidated Balance Sheets
(thousands, except share data) (unaudited) June 30 December 31 2006
2005 Assets Cash and cash equivalents $37,885 $30,078 Marketable
securities 1,917 3,645 Receivables, net of allowances of $5,010 and
$3,756 404,691 363,527 deductible reserves 33,075 21,872 Inventory
198,846 168,282 Unbilled receivables 82,695 56,128 Deferred income
taxes 6,747 5,768 Prepaid expenses and other 9,731 6,967 Total
current assets 742,512 634,395 Property and equipment Land 49,138
47,328 Buildings and improvements 127,882 118,556 Equipment 183,865
166,633 Construction in progress 18,530 9,485 Accumulated
depreciation (131,280) (121,525) Marketable securities 34,724
28,875 Deferred loan costs 4,674 3,616 Other long-term assets
29,362 20,465 Other intangibles, net 75,162 55,227 Goodwill 244,425
187,470 Total assets $1,378,994 $1,150,525 Liabilities, Minority
Interests and Shareholders' Equity Accounts payable $176,447
$146,627 Accrued compensation 59,086 65,928 Insurance deductible
reserves 33,075 21,872 Other accrued liabilities 89,396 51,579
Billings in excess of costs and estimated earnings 53,721 33,799
Current portion of long-term debt 13,804 10,131 Total current
liabilities 425,529 329,936 Deferred income taxes 6,177 6,911
Insurance deductible reserves 22,330 20,753 Long-term debt 339,223
278,169 Other long-term liabilities 39,156 30,689 Total liabilities
832,415 666,458 Minority interests 11,746 14,006 Commitments and
contingent liabilities -- -- Shareholders' equity Common shares,
$0.001 par value: authorized 50 million shares; issued and
outstanding 28,995,803 and 28,758,580 shares 29 29 Additional
paid-in capital 148,398 143,780 Unearned compensation -- (2,698)
Retained earnings 384,914 328,463 Accumulated other comprehensive
income, net 1,492 487 Total shareholders' equity 534,833 470,061
Total liabilities, minority interests and shareholders' equity
$1,378,994 $1,150,525 Building Materials Holding Corporation
Segment Information (thousands) (unaudited) Three Months Ended Six
Months Ended June 30 June 30 2006 2005 2006 2005 Sales SelectBuild
$501,931 $303,635 $1,000,229 $545,877 BMC West 420,061 397,886
806,320 728,572 $921,992 $701,521 $1,806,549 $1,274,449 Income from
operations SelectBuild $47,098 $36,756 $93,173 $65,288 BMC West
39,178 41,030 69,724 69,905 Corporate and other (21,959) (16,894)
(44,194) (33,993) $64,317 $60,892 $118,703 $101,200 We evaluate our
results of operations including and excluding acquisitions. We
believe a presentation of sales and income from operations
excluding recent acquisitions enhances an understanding of the
acquisitions as well as comparable operations for the respective
periods. A reconciliation of sales and income from operations
before recent acquisitions for the three and six months ended June
30, 2006 and 2005 is provided in the following table: Three Months
Ended Six Months Ended June 30 June 30 2006 2005 2006 2005 Sales
SelectBuild $501,931 $303,635 $1,000,229 $545,877 Less:
Acquisitions (215,400) -- (439,164) -- 286,531 303,635 561,065
545,877 BMC West 420,061 397,886 806,320 728,572 Less: Acquisitions
(16,768) -- (24,319) -- 403,293 397,886 782,001 728,572 $689,824
$701,521 $1,343,066 $1,274,449 Income from operations SelectBuild
$47,098 $36,756 $93,173 $65,288 Less: Acquisitions income (17,800)
-- (35,623) -- 29,298 36,756 57,550 65,288 BMC West 39,178 41,030
69,724 69,905 Less: Acquisitions income (143) -- (425) -- 39,035
41,030 69,299 69,905 Corporate and other (21,959) (16,894) (44,194)
(33,993) $46,374 $60,892 $82,655 $101,200 DATASOURCE: Building
Materials Holding Corporation CONTACT: Bill Smartt, Senior Vice
President and Chief Financial Officer, +1-415-627-9100, or Mark
Kailer, Vice President, Treasurer and Investor Relations Officer,
+1-415-627-9100, both of Building Materials Holding Corporation Web
site: http://www.bmhc.com/
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